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Regulatory Sword Drawn Again: Virtual Currencies Have No Place to Hide Domestically
Recently, the People's Bank of China, in collaboration with seven departments, delivered a heavy regulatory blow—the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies and Other Assets"—which has officially been implemented. This time, the regulatory authorities left no room for the market to imagine: activities related to virtual currencies are explicitly classified as illegal financial activities, and within the country, there is a strict "zero tolerance" policy.

Virtual currencies, products cloaked in glamorous terms like "financial revolution" and "decentralization," have been synonymous with "getting rich overnight" in the eyes of speculators for over a decade. From Bitcoin's rollercoaster prices to the endless myths of hype, the huge fluctuations and high returns attract massive capital like a magnet. However, beneath these glimmers, the essence of virtual currencies has never changed: they are not real money, lack backing by national credit, are poorly regulated, and inherently possess features like anonymity, cross-border transferability, and traceability issues—these "advantages" make them hotbeds for illegal activities such as money laundering and terrorist financing.

The upgrade in this "Notice" lies in the "full-chain crackdown." From financial institutions to payment platforms, from internet companies to market regulators, from mining at the production end to trading services at the circulation end, the regulatory net is woven so tightly that there is no escape. More notably, the policy no longer limits itself to a domestic closed loop but extends its reach into cross-border areas—overseas institutions are prohibited from providing related services within the country, and domestic entities cannot bypass regulations by "going overseas." Even the emerging concept of real-world asset tokenization (RWA) has been included in the scope to prevent illegal fundraising under the guise of innovation.

Virtual currencies have no borders, but regulation does. For ordinary investors, this is a wake-up call. Judicial practices in many regions have long clarified that virtual currency transactions are not protected by law. Those promoting the "get-rich-quick myth" in the crypto world are more likely to be prey than hunters. With legitimate investment channels like savings, bonds, and stocks available in abundance, why step into a trap with no rules or guarantees? $BTC